Over the counter drug market to reach $6.6 billion by 2016

The over the counter (OTC) drug market in India is expected to grow to $6.6 billion by 2016 with pharma companies and chemists increasing their presence in the rural market.

India’s OTC drug market stood at $3 billion in 2011 and a “rise to $6.6 billion is forecast by 2016,” according to a sectoral document for Pharmaceuticals industry under the ’Make In India’ campaign.

Pharma companies have increased spending to tap rural markets and develop better infrastructure. The market share of hospitals is expected to increase from 13.1 per cent in 2009 to 26 per cent in 2020, it added.